Examlex
Finding a pattern based on one case is an example of induction.
ATC
Average Total Cost, which is the total cost divided by the quantity of output produced, representing the per-unit production cost.
Marginal Product
The additional output derived from the addition of one more unit of a variable input, holding all other inputs constant.
Marginal Cost
refers to the increase in cost when producing one additional unit of output.
Average Variable Costs
Refers to the total variable costs (costs that change with production levels) divided by the quantity of output produced.
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